The Affordable Insulin Now Act Would Require Insurers to Cap Patient Out-of-Pocket Costs for Insulin at $35 per Month
WASHINGTON, DC – Today, U.S. Senators Jacky Rosen (D-NV) and Catherine Cortez Masto (D-NV) announced they are co-sponsoring the Affordable Insulin Now Act introduced by Senator Raphael Warnock (D-GA) to cap the out-of-pocket cost of insulin for Nevadans and Americans across the country. This bill will require Medicare and private group or individual plans to cap patients’ out-of-pocket costs for insulin at $35 per month.
More than 10 percent of adults in Nevada are diagnosed with diabetes. According to one estimate, diabetics spend close to $6,000 annually on insulin alone. This bill will help significantly lower expenses for Nevadans who have diabetes and depend on insulin.
“More than 250,000 Nevadans depend on insulin for their health, but the sky-high cost of this life-saving medication creates an enormous financial burden,” said Senator Rosen. “With so many hardworking families struggling to make ends meet and getting squeezed by higher costs, I’m working to lower prescription drug prices and provide some relief. This bill will make insulin significantly more affordable by capping the cost at $35 per month, making sure Nevadans do not have to choose between taking their medication and paying rent or putting food on the table.”
“I’m working to lower costs for hardworking families, and that includes making sure that lifesaving drugs like insulin are affordable for all Nevadans,” said Senator Cortez Masto. “Over ten percent of Nevadans have diabetes, and I’m proud to co-sponsor legislation that will keep care affordable by capping the cost of insulin at $35 a month.”
“FirstMed serves many patients who are underinsured and provides 40,000 medical encounters a year. We know that it is imperative that our patients have access to insulin at a price point that does not become a choice between compromising other parts of their life just to maintain their health,” said Angela Quinn, CEO of FirstMed, a nonprofit community clinic in Las Vegas. “This is a real struggle every day for Nevadans and we vigorously support Senators Rosen and Cortez Masto co-sponsoring legislation to lower these prices for residents in Clark County and across the country.”
Senators Rosen and Cortez Masto have been leaders in the fight to bring down the cost of prescription drugs.
Senator Rosen introduced the Expanding Access to Affordable Prescription Drugs and Medical Devices Act last year to help reduce the cost of prescription drugs and medical devices, decrease the frequency of drug shortages, boost domestic production, and create jobs in America through the support of nonprofit prescription drug and medical device manufacturers. She also introduced the bipartisan MADE in America Act, which would address vulnerabilities in the U.S. pharmaceutical supply chain and bolster pharmaceutical independence through investments in domestic prescription drug and medical device manufacturing.
Senator Cortez Masto has co-sponsored numerous pieces of legislation to drive down costs for consumers through actions like giving Medicare the power to negotiate drug prices, capping costs and expanding subsidies for low-income seniors, and holding down egregious price increases.